Investors are working towards recovery from recent setbacks in the S&P 500 and the Nasdaq Composite, resulting in a slight uptick in stock futures on Thursday.
Early indicators from FactSet show a promising earnings season with over 11% of S&P 500-listed companies having already disclosed their financial results. Reports suggest that more than 72% of these companies have outperformed Wall Street’s expectations.
Thursday’s market activity follows a string of losses, which saw both the S&P 500 and the Nasdaq Composite registering declines for the fourth consecutive day, a pattern unseen since early January. Stocks like Nvidia in the technology sector contributed to the downward trend, while the Dow Jones Industrial Average faced its seventh decline in eight sessions.
The recent downturn compounds the challenges faced by Wall Street in the second quarter, marked by April losses across major indexes. This presents a stark contrast to the strong performance witnessed in the first quarter. Additionally, the Dow, S&P 500, and Nasdaq have all closed below their respective 50-day moving averages.
Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, attributed the recent market decline to dwindling expectations of interest rate reductions. Landsberg pointed out that investors are capitalizing on profits following a robust market performance in the initial quarter.
Amidst the market’s fluctuations, investors are staying observant, closely monitoring earnings releases and economic data to glean insights into future market trajectories.
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